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Ruling Party Aiming For December Electricity Bill Vote

MEXICO
  • USDMXN is 0.5% lower overnight amid a weaker greenback, however, dollar indices declining by roughly 0.5% this week have yet to be reflected as USDMXN remains close to unchanged on the week.
  • Continued heavy price action places the short-term focus on the 50-day EMA support at 20.2702 and a previous high at 20.2039 from September 20. Moving average conditions, however, remain in bull mode and this reinforces the technical uptrend.
  • The key local data point this week remains October bi-weekly inflation due Friday; economists polled by Bloomberg expect CPI to print at 6.10% y/y vs 6.13% prior. August Retail Sales will also be published on Thursday.
  • Mexico's ruling party is targeting lower house approval of President AMLO's electricity bill in December.
    • A December vote would help head off delays that might make it harder to win approval, Juan Ramiro Robledo, a member of the president's Morena party and head of the lower house constitutional affairs committee, said Monday. It is one of two committees, including one dedicated to energy, discussing the bill. (BBG)
  • As widely expected, Mexico's capital returned to the lowest level on its COVID-19 pandemic warning system Monday for the first time since June.
    • The number of people in the metropolitan area hospitalised with COVID-19 or suspected cases has been falling since mid-August and is nearing the low point seen in June. (NP)
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